Sri Lanka’s agricultural sector reported declines in paddy, coconut, and fish production during December-January, while tea and rubber experienced growth. Despite this, domestic sugar production rose year-on-year, and export prices for certain crops increased. The stock market showed stability, and initiatives for inclusive public transport and US university outreach programs were highlighted.
The central bank of Sri Lanka reported a notable decline in agricultural production for paddy, fish, and coconut during December and January, as the country navigates through its agricultural trends. Specifically, paddy production for the 2024/2025 Maha season is anticipated to decrease by 5.7%, totaling 2.57 million metric tons, contrasting with an 11.4% increase forecasted for the 2024 Yala season, estimated at 2.02 million metric tons.
Coconut production has suffered a significant drop, seeing a 33.1% decline in December 2024 and 32.3% in January 2025. Concurrently, fish production was reported to have fallen by 12.0% in December, primarily attributed to a reduced output from inland fishing activities. In contrast, the tea sector has witnessed a resurgence, with domestic production rising by 9.6% in December and 14.6% in January 2025, although global tea prices have been on a downward trend.
Moreover, local rubber production experienced a robust increase of 32.4% in December 2024, although provisional data indicated a reduction in January 2025. Domestic sugar production also thrived, increasing by 21.0% year-on-year throughout 2024. However, the international sugar prices saw a decrease in January 2025 due to enhanced global supply resulting from favorable weather conditions in Brazil and the resumption of sugar exports from India.
In addition, the market prices of several export crops, such as pepper, coffee, and cocoa, increased in January 2025, while clove and ginger prices saw a decline. Strength in exports, particularly in spices, has been reflected in January, largely due to increased demand for pepper and cloves.
In related news, Sri Lanka’s stock market experienced stability on Friday, with the All Share Price Index (ASPI) closing down slightly at 15,860.44 points, while the S&P SL20 Index marginally increased to 4,737.61 points. Major contributors to the ASPI included Aitken Spence and Sampath Bank. Furthermore, an inclusive support center has opened at the Makumbura Multimodal Center to assist differently-abled passengers in public transport. It provides numerous services, enhancing inclusivity in the transportation system.
Moreover, a roadshow will be conducted by leading American universities in Sri Lanka, allowing students to interact with representatives from nine accredited institutions. This initiative is facilitated by the US-Sri Lanka Fulbright Commission and aims to boost opportunities for Sri Lankan students to pursue education in the United States. The roadshow will take place from March 20 to March 22, 2025, across various cities.
In summary, Sri Lanka’s agricultural production has seen significant fluctuations, with declines in paddy, fish, and coconut production, contrasted by growth in tea and rubber. Despite challenges in some sectors, opportunities for educational advancement through collaborations with US universities are on the horizon. Promoting inclusive support for public transport and maintaining stock market stability further exemplify the ongoing developments within the nation.
Original Source: economynext.com
